PHNOM PENH, Feb. 23 (Xinhua) -- The National Bank of Cambodia (NBC), also known as the central bank, on Monday halted the operations of the Panda Commercial Bank for its worsening financial situation.
The NBC said in a public notice that prudential supervision found that the bank's financial condition has deteriorated, which will lead to the inability to provide banking services.
"In this regard, the NBC has decided to appoint Morisonkak MKA Audit-Accounting Co., Ltd. as the provisional administrator and liquidator of the Panda Commercial Bank," the notice said.
"During this period, Panda Commercial Bank is suspended from providing any new banking services, including accepting deposits and granting loans," it added.
The notice said the Morisonkak MKA Audit-Accounting Co., Ltd. has the right to manage and control all operations and assets of the Panda Commercial Bank from the date of this announcement onwards.
According to the notice, customers who have deposited at the bank must prepare documents to withdraw their deposits, while those who have borrowed money from the bank must continue to fulfill their obligations as usual.
The Panda Commercial Bank received a commercial bank license in 2019, the notice said, adding that it has the current assets of approximately 776 million U.S. dollars, loans of about 536 million dollars, and deposits of roughly 502 million dollars.
The bank accounted for 0.77 percent of Cambodia's banking system by the end of 2025.
According to the NBC, by the end of 2025, the Southeast Asian country has 59 commercial banks, 89 microfinance institutions, seven specialized banks, and 89 rural credit institutions, with 30.6 million deposit accounts and 4.5 million credit accounts. ■
